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8/14/22 – Sunday Stock Talk Write Up

What does the market have in store for us this upcoming week? What are the important support & resistance levels to be aware of? Read the Sunday Stock Talk Write Up to find out.

Retail Week

Well here we are again on the next Sunday night and market is even higher than it was last Sunday. Weekly chart is getting a bit extended here at this point, and so is the daily, but the hourly chart continues to hold each pullback to support at the moment, and has kept us trending higher. At this point with the rally we have seen it kind of makes you ask the question “Why stop now?” However at some point we will get a failed hourly buy setup and that will lead into a daily/weekly pullback. There is a possibility that retail which is set to report this week could give us just that, or continue this straight up trajectory with some surprisingly good numbers or whatever it is people watch from earnings other than the chart.

At the moment support in the ES at least from a potential short side if we broke is at 4199.75. This means it can stop at any point on the way down there, and until we get a small time frame change of trend in that pullback I’m not going to try and catch a knife. However relative strength names will be my number on focus on the week, and I think we have a few charts that meet those criteria.

$TSLA is by far my favorite chart on the board at the moment. It has room to pullback into 886.29 if it wants to, but over this 906-912 area it looks clear up into 1005.57 which is a wide open move. It’s also OPEX so why not run it up to the whole number?

$NVDA – This has a good look as well, and the gap down from last week was erased pretty well, and makes the weekly chart interesting. A move into 200 for OPEX here is possible, but would need to hold 184.60 on a pullback early on in the week.

$WMT – Up over 138.68 for earnings would be fun to work into that gap. If we go lower under 125 it’s a nice looking short back towards 2022 lows.

$HD – This one gives me that ‘surprise’ vibes of the earnings on the week, and I want to take a shot in the dark and say with a $12 expected move it still manages to push up into the 340ish area.

$TGT – This one has a $13 expected move, and with that weekly chart I wouldn’t be surprised if it traded back up into the 200 whole number for the week.

Every chart at the moment when it comes to retail looks better for potential longs than it does shorts at the moment which gives me literally no diversity or weak watches at the moment. There is no rush to do anything on Monday morning given the slow futures open and lack of news or earnings until Tuesday so make sure that you are playing with a full stack for the week when the opportunity presents itself.

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